The financially troubled Paper Mill Playhouse has received a $3.5 million dollar loan from Investors Savings Bank to help the New Jersey theatre's cash crisis.

In a statement Paper Mill chairman of the board Ken Thorn said, "This is the first step in a long-range plan to revitalize the Playhouse and ensure the theatre's financial stability." The loan will help the theatre not only mount its final production of the season, Pirates!, but prepare for the launch of the 2007-2008 theatre season.

Kevin Cummings, EVP and COO of Investors added, "All of us at Investors Savings Bank care deeply about Paper Mill Playhouse where we have taken our children, friends and colleagues to amazing performances over the years. We have shared in the growth of Millburn and have enjoyed working with the many customers and businesses we have today. Our loan signifies the commitment Investors has to this community and to all of New Jersey, as the financial health of Paper Mill impacts us all on many levels."

Steven Tasher, the vice chairman of Paper Mill's board, also commented: "The loan from Investors Savings Bank will provide much needed financial relief to the theatre. This loan is part of a much bigger plan that includes a partnership with the Township of Millburn, community business leaders and a planned administrative reorganization of the Playhouse that will incorporate a sound longer-term business and financing plan. Continued community support will be needed to ensure the success of Paper Mill."

As previously announced, Pirates! — an adaptation of Gilbert and Sullivan's classic operetta The Pirates of Penzance — will begin previews at the Paper Mill June 7 and play through July 8 with an official opening June 13. Gordon Greenberg directs; Warren Carlyle choreographs.